Topic 6 Vocab

Front

Which term refers to a financial institution that accepts deposits and offers loans?

Back

Bank

Front

What happens during a 'bank run'?

Back

Customers withdraw deposits due to fear of insolvency

Front

What name was given to the U.S. paper currency issued during the Civil War that wasn’t backed by gold or silver?

Back

Greenbacks

Front

In which monetary system is currency directly linked to a specific amount of gold?

Back

Gold Standard

Front

Which organization serves as the bank that lends to other banks in times of need?

Back

Central Bank

Front

What are the 12 regional banks called that serve commercial banks within the Federal Reserve System and are the central banks in their respective districts?

Back

Federal Reserve Banks

Front

Banks that hold stock in their regional Federal Reserve Bank and belong to the Federal Reserve are known as what?

Back

Member Banks

Front

Who oversees the policies and decisions of the Federal Reserve?

Back

The Federal Reserve Board

Front

What kind of loan is meant to be repaid within a year and used for temporary financial needs?

Back

Short-term Loan

Front

What is the name of the national paper currency issued by the Federal Reserve?

Back

Federal Reserve Notes